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Your step-by-step guide — add initials 1040ez form
Using airSlate SignNow’s eSignature any business can speed up signature workflows and eSign in real-time, delivering a better experience to customers and employees. add initials 1040EZ Form in a few simple steps. Our mobile-first apps make working on the go possible, even while offline! Sign documents from anywhere in the world and close deals faster.
Follow the step-by-step guide to add initials 1040EZ Form:
- Log in to your airSlate SignNow account.
- Locate your document in your folders or upload a new one.
- Open the document and make edits using the Tools menu.
- Drag & drop fillable fields, add text and sign it.
- Add multiple signers using their emails and set the signing order.
- Specify which recipients will get an executed copy.
- Use Advanced Options to limit access to the record and set an expiration date.
- Click Save and Close when completed.
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Redline 1040ez form
okay in this video we're going to talk about how to fill out a 1040 EZ federal tax form now the reason we're only focusing on a 1040 EZ it's because of the fact that this is the most common form that you will ever fill out when doing your taxes now let's go and get started what you're going to need is a w-2 a 1040ez form as well as the tax table now I'm going to provide all of that on the on this video here so if you have one of my worksheets or if you have something else that you can go along with and feel free let's go and get start all right step 1 use the W - now the w2 it looks like this this is the form that you get every year from your employer all right it tells you how much money you make how much money you have paid in taxes state federal all that it's basically a snapshot or a progress report if you will of how much money you've made financially for your know for your for job for your job so the first thing I want to look at is how much money did you make so how much money you made was right here on the first line seventy-six thousand three hundred and fifty now going to my 1040 EZ that's what I'm gonna put here seventy-six thousand and I just forgot exactly how much it was 350 so seventy-six thousand three hundred and fifty okay now for this particular example and the ones that we're gonna do in this class lines two and three it talks about taxable interest meaning if you got money off of maybe a savings account or something or step or line three is unemployment just in you know if you didn't have a job but you're getting on unemployment check that's what you would fill in for two and three but we're just gonna skip two and three all right now add lines one two and three so we're at seventy six thousand three hundred and fifty okay now most of what you have to do is I mean it tells you on the line what exactly you're supposed to do but but yeah but anyway okay so if someone can claim used line five now we are going - always in this class just claim yourself okay and it says my filing jointly and all that stuff we're just gonna hold off but it says enter the amount on the worksheet on back all right so here you're going to take your form go to the back and this is a small little equation with itself alright so I'm out if any from line one well you remember that's how much money you made which was seventy six thousand three fifty so that will be put right here so seventy six thousand three fifty now what we're gonna add is we're going to add three hundred and fifty now that's a number that is predetermined by the federal government so just don't go crazy on figuring out where that came from alright now now we're on line C enter the larger of a or B so A or B we have seventy six thousand seven hundred and we got 1050 obviously seventy-six thousand is larger I remember just follow along with the directions of your of each line it says maximum standard deduction if you're single which we will be for this entire unit we're single we're going to enter sixty three hundred all right so once again a number that has been predetermined by the federal government so exemption amount if we're single into enter zero which we are we are I forgot to do e enter the smaller lie C or D so C or D I'm entering in the smaller which which was sixty three hundred sorry about that I skipped that predictive all right add lines e and F so E and F is going to be sixty three now I'm gonna just kind of give you a heads up it's gonna be sixty three hundred for this entire unit so we're not going to change from going from single to Mary jointly whatever so but anyway this sixty three hundred number right here on line G we're going to bring that back to line five which is sixty three hundred okay now just follow along 6 subtract line 5 from line 4 all right so we're at 70 thousand $50 all right number seven is federal income tax withheld from w2 all right now w2 that tells you we got to go back to the w-2 so let's see if I can find my w-2 federal income tax withheld it is right here fifteen thousand eight hundred and fifty-one that number is what's going on for this one right here so eighteen thousand I just forgot again fifteen thousand 851 all right I wrote it right now so the next thing is 8a we're skipping that we're not doing any type of earned income credit as well as eight these little lines here we're gonna skip it says add line seven and eight so we're gonna add line seven eight which is fifteen thousand eight hundred 5100 all right now here we go question number ten tax use the amount on line six line six is this seventy thousand so let me highlight that just so this 70 thousand fifty this number here represents the amount that should be taxable income all right so from here where you're gonna have to go is you're going to have to go to that tax table that is on your that's on eClass so here is eClass go to content go to the federal tax tab on level two right here and so in your little window here you are looking for let's see if I get that number back you're looking for 70 thousand fifty because this table is going to tell us exactly how much money you should be making or you should have been taxed so you're just going to scroll down you're gonna scroll down until you hit that seventy thousand air it is so the way you read the table seventy thousand fifty I think this very first line right here I don't know if you can see it right I didn't mean to highlight at all but right they won't let me do it but anyway so we're at 70,000 50s not it let's try this again alright so there I am 70 1050 okay so let me go back to my table here I got too many windows open here 70 thousand 50 there it is this very first number thirteen thousand three hundred so 13300 that's where we're going 13300 so for line 10 we're gonna write 13,000 we do that again 300 so thirteen thousand three hundred thirteen thousand three hundred that's how much money the government says should have been taken from you all right line eleven assess health individual health care responsibility we're gonna skip that as well alright says add lines 10 and 11 so 10 11 that ends up being $13,300 remember I'm writing with my mouse here alright 13 a so 13 a what does it say if line 9 is larger than line 12 9 or line 9 is right here 12 is right there what does it say subtract 12 from 9 so that's 15,000 851 so 15,000 851 - thirteen thousand three hundred I'm left with a balun Windu's in purple here two thousand five hundred and fifty one dollars now it says this is your refund which means I'm actually going to get some money back from the government so basically what we have here is over the course of the year I ended up paying fifteen thousand eight hundred fifty one dollars the government says I should have paid 13300 so I actually paid more than I should have over the course of the year so that's why we have this line down here this is my refund so I paid more so the government says hey you paid more you're going to get some back so we're gonna call it even after this so to speak so two thousand five hundred and fifty one dollars is how much I'm getting back and this is as far as we're gonna go all right so after this it's just pretty much payment and oh here we go slide number fourteen if line twelve is greater in line nine subtract so go the opposite way and this would be the amount you owe so if you ever actually didn't pay enough and you need to pay the government cut them a check then you would put them in line fourteen alright so those are the basics pretty self-explanatory as you're working through them let me know if you have any questions the next time you see me thank you for watching
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